The Chairman of the House of Representatives Committee on Polytechnic and Higher Technical Education, Gboyega Isiaka, announced that as of September 2024, the Nigerian Education Loan Fund has allocated N84.2 billion to applicants. This amount includes N27.5 billion designated for institutional facilities and N56.7 billion for the maintenance of these facilities.

Representing the Yewa North/Imeko-Afon Federal Constituency in Ogun State, Isiaka revealed that 351,317 students have registered on the NELFUND portal, with 258,943 having applied for loans for either institutional needs or maintenance, or both.

He made this announcement during the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, which took place at Mitros Residences in Abeokuta. Isiaka addressed the theme ‘Empowering the Next Generation: Education as a Catalyst for National Development (Student Loans Access to Higher Education Act 2024 in Perspective).’

He highlighted that the Students Loan Access to Higher Education Act, 2024 is designed to close the financial gap, ensuring that qualified students can obtain quality higher education. Isiaka noted that the new legislation has removed barriers that previously disqualified applicants based on their parents' loan history.

Additionally, the requirement for a guarantor has been abolished, allowing students to apply for and receive loans in accordance with application and identity verification protocols. Unlike the earlier 2022 bill, the new Act has also removed the family income threshold, permitting all Nigerian students to apply for loans and take responsibility for repayment as per the Fund’s guidelines.

The lawmaker pointed out that loan beneficiaries will begin repayment two years after completing their National Youth Service Corps. However, they may request an extension of repayment by submitting an affidavit confirming their unemployment and lack of income. He also mentioned that in cases of death or unforeseen circumstances that hinder repayment, the loan would be forgiven.

Any individual who submits false information to the Fund regarding loan repayment will be committing a felony and may face a prison sentence of three years. Isiaka noted that the revival of student loans, which began in 1972 but was subsequently halted, represents a significant shift, as it could enhance access to affordable and quality higher education for Nigerians.

“As of the end of September 2024, the Nigerian Education Loan Fund has achieved remarkable progress under President Bola Ahmed Tinubu’s leadership, setting the stage for a brighter future for our nation’s students,” he stated.

“The statistics are telling: 351,317 students have registered on the NELFUND portal, with 258,943 applying for either institutional or upkeep loans, or both.

“To date, N84.2 billion has been allocated to applicants, including N27.5 billion for institutional facilities and N56.7 billion for upkeep facilities.

“This is not merely a number—it embodies hope, opportunity, and a dedication to empowering our students for success.”

In discussions with reporters at the event, Mr. Chris Abu, the National President of the Federal Government College, Maiduguri Old Students Association, expressed concern over the security issues facing the country, which he believes are undermining the purpose of the Federal Government Colleges, often referred to as Unity Schools.

Abu also criticized the current educational landscape, highlighting the severe lack of human resources and the deteriorating infrastructure in educational institutions. He emphasized the need for collaboration among federal, state, and local governments, as well as the private sector, to tackle these pressing issues.

“I am somewhat disheartened by the changes in our Federal Government Colleges. In our time at the Federal Government College, Maiduguri, Borno State, the proportion of indigenous students was no more than 30 percent, while the remaining 70 percent were from other states.”

“But this has changed due to the security challenges. Currently, about 60 to 80 per cent of the student population are indigenous students, which contradicts the purpose of these Federal Government Colleges, also called Unity Schools. The essence of Unity Schools is to bring together students of diverse backgrounds and ethnicities to promote national unity and integration.”

The Chairman of FEGOCOMOSA, Deji Eniseyin, emphasized that the annual conference is designed to enhance national unity across various sectors. Eniseyin remarked, “The objective of the Unity Schools is to bring the nation together and promote integration.

During our school years in the early 90s, we interacted with students from different regions of the country. This early exposure allowed us to appreciate the country's diversity, which significantly contributes to reinforcing national unity.”